White House Will Talk About Crypto’s Impact on Climate Change

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  • White House’s Energy Policy Advisor to give an interview on climate reports and it’s implications on crypto, to Bloomberg.
  • The interview will discuss how crypto could hurt US climate efforts.
  • The total global electricity usage for crypto-assets is between 120 and 240 billion kilowatt-hours per year.

On September 27, White House Energy Policy Advisor Costa Samaras will speak candidly to Bloomberg via Twitter, about the climate report and its implications on crypto.

The interview will discuss how the energy-intensive processes used for digital assets and mining cryptocurrencies like Bitcoin could hurt US climate efforts. Bloomberg is also asking the public to send questions they might have for the White House Energy Policy Advisor.

Earlier this month, the White House released a Fact Sheet about the Climate and Energy Implications of Crypto-Assets in the United States. The report has estimated from 2018 to 2022, annualized electricity usage from global crypto-assets grew rapidly, with estimates of electricity usage doubling to quadrupling.

Additionally, the published estimates of the total global electricity usage for crypto-assets are between 120 and 240 billion kilowatt-hours per year, which exceeds the total annual electricity usage of many individual countries, such as Argentina or Australia. This is equivalent to 0.4% to 0.9% of annual global electricity usage and is comparable to the annual electricity usage of all conventional data centers in the world.

Furthermore, the White House statistics reveal that the US now does 38% of the world’s Bitcoin mining, compared to 3.5% in 2020. Bitcoin is estimated to account for 60% to 77% of total global crypto-asset electricity usage, while Ethereum is estimated to account for 20% to 39%.

The White House Office earlier expressed that the government hopes to reduce 50% of greenhouse gas emissions by 2030, achieve a carbon pollution-free electricity grid by 2035, and reach net-zero greenhouse gas emissions by 2050.

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